Skyharbour Enters into Agreement with Mustang Energy to Option its 914W Uranium Project Located in the Athabasca Basin, Saskatchewan

Suite 1030 – 505 Burrard Street, Vancouver, BC, Canada, V7X 1M5

www.skyharbourltd.com

TSX-V Trading Symbol: SYH

Email: [email protected]

Telephone: (604) 558-5847

Facsimile: (604) 687-3119

November 13th, 2024

News Release

Skyharbour Enters into Agreement with Mustang Energy to Option its 914W Uranium

Project Located in the Athabasca Basin, Saskatchewan

Vancouver, BC - Skyharbour Resources Ltd . (TSX-V: SYH) (OTCQX: SYHBF) (Frankfurt:

SC1P) (“Skyharbour” or the “Company”), is pleased to announce that it has entered into a n option

agreement (“Agreement”) with Mustang Energy Corp. (the “Optionee” or “Mustang”), whereby the

Optionee may acquire a 75% interest in the Company’s 914W Uranium Project (the “Property”). The

Property consists of a total of one mineral claim covering approximately 1,260 hectares located in

the Athabasca Basin, Northern Saskatchewan.

Terms of the Agreement:

Pursuant to the Agreement, Mustang may acquire a 75% interest in the Property by (i) issuing

common shares in the capital of the Optionee (“Shares”) having an aggregate value of CAD

$480,000; (ii) making aggregate cash payments of CAD $ 275,000; and (iii) incurring an aggregate

of CAD $800,000 in exploration expenditures on the Property over a three-year period, as follows:

Date Cash Payments Exploration Expenditures Value of Shares Issued

On Closing $15,000 N/A $30,000(1)

On or before the first

anniversary of Closing $20,000 $100,000 $100,000(1)

On or before the second

anniversary of Closing $40,000 $200,000 $150,000(1)

On or before the third

anniversary of Closing $200,000 $500,000 $200,000(1)

TOTAL $275,000 $800,000 $480,000

(1) Deemed pricing of Shares is based on the five (5) day volume weighted average price on the

Canadian Securities Exchange for the 5 days prior to the time of the issuance (the “Deemed

Price”).

Skyharbour will retain an NSR royalty of two percent (2%) whereby Mustang shall have the right at

any time to purchase one -half (1/2) of the NSR royalty from Skyharbour in consideration of the

payment to Skyharbour of CAD $1,000,000 , thereby leaving Skyharbour with a one percent (1%)

NSR royalty.

914W Property Summary:

The 914W Project consists of one claim covering 1,260 hectares approximately 48 km southwest of

Cameco’s Key Lake Operation. Highway 914 runs through the western edge of the project, providing

excellent access for exploration. Historical geological mapping of the property and the surrounding

area has shown that the project is predominantly underlain by prospective Wollaston Supergroup

pelitic and psammitic to arkosic gneisses of the Western Wollaston Domain, which host significant

unconformity-related uranium mineralization further to the north in the Athabasca Basin as well as

pegmatite-hosted uranium mineralization elsewhere in the Wollaston Domain.

914W Property Map:

https://skyharbourltd.com/_resources/projects/914W-image2.jpg

Despite the project’s proximity to Highway 914 and prospective geology, the project has seen limited

modern exploration work. The earliest work on the 914W property included airborne EM and

magnetic surveys and ground geological reconnaissance in 1968 -1970, lake water and sediment

sampling in 1976, ground VLF -EM, magnetic, and radiometric surveys, geological map ping,

trenching, as well as sampling on the project and surrounding areas. Immediately to the north of the

914W property, prospecting led to the discovery of the Scurry Rainbow Zone E (SMDI1961) and the

Don Lake Trenches (SMDI 1983), where up to 1,288 ppm U was encountered in drill hole ML -1

(SMDI1961) in a pyroxene-rich unit, and surface prospecting revealed up to 0.64% U3O8 in a trench

at Don Lake Zone E (SMDI 1983). More recently, the project has seen airborne geophysical

coverage by helicopter-borne VTEM (southern half) in 2005 and Tempest TDEM (northern half) in

2007, with prospecting, geological mapping, rock/sediment sa mpling and lake sediment s ampling

occurring on the project and surrounding areas in 2005 -2007. The project remains underexplored

and prospective for unconformity-related and pegmatite-hosted uranium and REE’s.

ICP Securities Inc. Engaged for Automated Market Making Services:

The Company further announces the engagement of ICP Securities Inc. (“ICP”) to provide automated

market making services, including use of its proprietary algorithm, ICP Premium ™, in compliance

with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP

will be paid a monthly fee of C$7,500, plus applicable taxes. The agreement between the Company

and ICP was signed with a start date of November 11, 2024, and is for four (4) months (the “Initial

Term”) and shall be automatically renewed for subsequent one (1) month terms (each month called

an “Additional Term”) unless either party provides at least thirty (30) days written notice prior to the

end of the Initial Term or an Additional Term, as applicable. There is no performance factors

contained in the agreement and no stock options or other compensation in connection with the

engagement. ICP and its clients may acquire an interest in the securities of the Company in the

future and ICP is an arm’s length party to the Company. ICP’s market making activity will be primarily

to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be

responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will

be providing funds or securities for the market making activities.

About ICP Securities Inc.:

ICP Securities Inc. is a Toronto based CIRO dealer -member that specializes in automated market

making and liquidity provision, as well as having a proprietary market making algorithm, ICP

Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market

structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high

quality liquidity provision and execution services to a broad array of public issuers and institutional

investors.

About Mustang Energy Corp.:

Mustang Energy is an exploration company focused on acquiring and developing high-potential

uranium and critical mineral assets. The Company operates several exploration projects in

Saskatchewan's Athabasca Basin, including the Ford Lake Project (7,743 hectares), Cigar Lake East

and Roughrider South (combined 3,443 hectares), as well as recent acquisitions like the Yellowstone

Project (21,820 hectares) and the Dutton Project (9,667 hectares). Mustang Energy remains

committed to responsible exploration, with a focus on environmentally and socially sustainable

operations, while contributing positively to local communities.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian

regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David

Billard, P .Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada's Athabasca

Basin and is well positioned to benefit from improving uranium market fundamentals with interest in

twenty-nine projects, ten of which are drill -ready, covering over 580,000 hectares (over 1. 4 million

acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the

Company, a 100% interest in the Moore Uranium Project , which is located 15 kilometres east of

Denison's Wheeler River project and 39 kilometres south of Cameco's McArthur River uranium mine.

Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at

the Maverick Zone that returned drill results of up to 6.0% U 3O8 over 5.9 metres, including 20.8%

U3O8 over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Project is the Russell

Lake Uranium Project, in which Skyharbour is an operator with joint -venture partner Rio Tinto. The

project hosts several high -grade uranium drill intercepts over a large prop erty area with robust

exploration upside potential. The Company is actively advancing these projects through exploration

and drill programs.

Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and

Thunderbird Resources (previously Valor) at the Preston, East Preston, and Hook Lake Projects

respectively. The Company also has several active earn -in option partners , including CSE-listed

Basin Uranium Corp. at the Mann Lake Uranium Project; CSE -listed Medaro Mining Corp. at the

Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the

South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; Mustang Energy at the

914W Project; and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East

Project which hosts the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour

has now signed earn-in option agreements with partners that total over $41 million in partner-funded

exploration expenditures, over $30 million worth of shares being issued, and over $22 million in cash

payments coming into Skyharbour, assuming that these p artner companies complete their entire

earn-ins at the respective projects.

Skyharbour's goal is to maximize shareholder value through new mineral discoveries, committed

long-term partnerships, and the advancement of exploration projects in geopolitically favourable

jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:

https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg

To find out more about Skyharbour Resources Ltd. (TSX -V: SYH) visit the Company’s website

at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”

Jordan Trimble

President and CEO

For further information contact myself or:

Nicholas Coltura

Investor Relations Manager

Skyharbour Resources Ltd.

Telephone: 604-558-5847

Toll Free: 800-567-8181

Facsimile: 604-687-3119

Email: [email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER

ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF

THIS NEWS RELEASE.

Forward-Looking Information

This news release contains “forward ‐looking information or statements” within the meaning of

applicable securities laws, which may include, without limitation, completing ongoing and planned

work on its projects including drilling and the expected timing of such work programs, other

statements relating to the technical, financial and business prospects of the Company, its projects

and other matters. All statements in this news release, other than statements of historical facts, that

address events or developments that the Company expects to occur, ar e forward -looking

statements. Although the Company believes the expectations expressed in such forward -looking

statements are based on reasonable assumptions, such statements are not guarantees of future

performance and actual results may differ materially from those in the forward -looking statements.

Such statements and information are based on numerous assumptions regarding present and future

business strategies and the environment in which the Company will operate in the future, including

the price of uranium, the ability to achieve its goals, that general business and economic conditions

will not change in a material adverse manner, that financing will be available if and when needed

and on reasonable terms. Such forward -looking information reflects the Company’s views with

respect to future events and is subject to risks, uncertainties and assumptions, including the risks

and uncertainties relating to the interpretation of exploration results, risks related to the inherent

uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses,

and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could

cause actual results to differ materially from those in forward looking statements include, but are not

limited to, continued availability of capital and financing and general economic, market or business

conditions, adverse weather or c limate conditions, failure to obtain or maintain all necessary

government permits, approvals and authorizations, failure to obtain or maintain community

acceptance (including First Nations), decrease in the price of uranium and other metals, increase in

costs, litigation, and failure of counterparties to perform their contractual obligations. The Company

does not undertake to update forward‐looking statements or forward‐looking information, except as

required by law.